The founder of CryptoQuant, a crypto analytics portal based on the Coinbase Premium Index, said that market sentiment around the crypto market in the US is recovering. For the first time since the collapse of major crypto exchange FTX, the index has climbed into the green zone.
CryptoQuant CEO and analyst Ki Young Ju shared:
“Market sentiment in the U.S. is getting recovered. $BTC hourly price premium in Coinbase turned positive for the first time since the FTX bank run.”
The Coinbase Premium Index helps the community understand the sentiment of major investors operating on the trading platform to professionals on the exchange of the same name. It also includes institutional investors, of which Coinbase is the majority, according to this year’s third quarter report. The index is rising due to the increased trading volume on the exchange, which indicates the return of purchasing power and starting to accumulate positions in Bitcoin by these major players.
The return of this crypto market headwind to positive values is another confirmation of the optimistic sentiment. Up until two days ago, a massive Bitcoin accumulation had also come to light, with around 50,000 BTC purchased by various investors over a five-day period in late November. Even before, a historic peak was reached in the number of wallets holding between 0.1 and 10 BTC. The trend is clear and understandable. With fear dominating the crypto market, whales caught the right moment and started buying.